Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Insights - The storage supercycle remains a key theme for the semiconductor industry in 2026, driven by strong demand and limited supply [20][21] - Major technology companies are increasing their capital expenditure (Capex) forecasts, which supports the positive outlook for the storage market [22] - The report highlights the importance of advanced packaging and the potential for new technologies like CPO (Chiplet Packaging Optimization) to enhance system performance [15][14] Summary by Sections Storage Market - The storage market is entering a seller's market characterized by rising prices and demand, with DRAM ASPs increasing approximately 40% for Samsung and 20% for SK Hynix in Q4 2025 [4][20] - The report anticipates that DRAM prices will continue to rise in Q1 2026, with a forecasted increase of 90-95% for conventional DRAM [25] - Supply constraints are expected to persist, with capital expenditures focused on HBM and advanced processes rather than broad capacity expansion [21][4] Advanced Packaging - Advanced packaging is becoming a critical area of focus, with companies like Intel and Samsung investing in 2.5D/3D packaging technologies [14] - The demand for advanced packaging is expected to grow as cloud service providers increase their capital expenditures and accelerate in-house chip development [15] CPO (Chiplet Packaging Optimization) - CPO is projected to gain traction, with NVIDIA showcasing its CPO solutions that significantly enhance system-level efficiency [15] - The report notes that CPO applications are expected to transition from scale-out to scale-up, improving bandwidth density and energy efficiency [15] Capital Expenditure Trends - North American tech giants are significantly increasing their Capex forecasts for 2026, with estimates reaching approximately $655 billion, a 60% year-over-year increase [22] - This increase in Capex is expected to support ongoing demand for high-performance storage solutions and AI applications [22][24]

Key TakeawaysPresident Trump used his 2026 State of the Union address to demand an immediate end to the government shutdown while touting his economic record and defending tariffs recently struck down by the Supreme Court.WiseTech Global (WTC) announced 2,000 job cuts, representing 29% of its workforce, declaring the "era of manually writing code" has ended due to AI automation.U.S. consumer distress hit a 20-year high as student loan delinquencies spiked to 25% and subprime auto loan delinquencies reached ...

来源：活报告 在美股市场，资产管理规模超过1亿美元的机构需要在每个季度结束后的45天内向SEC提交13F文件，披 露其管理的股权资产持仓情况。近期，多家明星机构均已披露了截至2025年12月31日的美股持仓。 2025年Q4，坐拥TPU芯片及Gemini人工智能模型的谷歌(GOOG.US/ GOOGL.US)、中国电商三巨头之一 拼多多(PDD.US)以及美国AI医疗龙头Tempus AI(TEM.US)等获得多家机构买入，成为市场关注的焦点 股票。 一、谷歌：TPU+Gemini崛起，AI实力"后来居上" 过去几年，在AI浪潮的推动下，美股科技七巨头（英伟达、苹果、微软、谷歌、亚马逊、META、特斯 拉）成为美股市场最受瞩目的投资风向。其中，作为七巨头之一的谷歌，此前曾因在AI方面的成绩"不 够突出"而表现相对落后。 不过，得益于谷歌推出的自研张量处理单元（TPU）人工智能芯片，形成了可与英伟达匹敌的竞争实 力，吸引了Meta、Anthropic等公司的青睐，叠加其Gemini人工智能模型的突出表现，逐渐走出"后来居 上"的气势。 过去一年里，美股科技七巨头中，谷歌以70%的涨幅一马当先，正是其AI实力获得 ...

*Anthropic新产品提振软件股 *AMD与Meta达成芯片协议 *中概股多数走高 美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%，收于6890.07点；纳斯达克综合指数上涨236.41点，涨 幅1.05%，收于22863.68点。 标普500指数板块中，非必需消费品板块和科技板块涨幅居前，医疗保健板块表现最弱。 DocuSign股价上涨2.6%，此前Anthropic表示其Claude Cowork现在可以连接到DocuSign以及企业现有的其他工具，如Drive和Gmail。此举让投资者感到乐 观，认为人工智能或许能够弥补软件公司，而非取代它们。 这种乐观情绪也延伸到了软件领域的其他板块。赛富时和ServiceNow的股价分别上涨了4.1%和1.7%。iShares扩展软件与技术行业ETF上涨2%。 FactSet上涨5.9%，汤森路透美股上涨11.5%，Salesforce上涨4.1%，成为道指涨幅居前个股之 ...

美股三大指数集体收涨，纳指涨1.04%，标普500指数涨0.77%，道指涨0.76%。半导体板块领涨，AMD 收涨逾8%，英特尔涨近6%，台积电涨超4%。大型科技股多数上涨，特斯拉、奈飞、苹果涨超2%，微 软、亚马逊涨逾1%，英伟达、Meta小幅上涨；谷歌小幅下跌。 来源：市场资讯 （来源：科创100ETF基金） ...

Key Takeaways There are some similarities but also key differences between the Nifty 50 & Mag 7.Mag 7 stocks currently trade at a slim premium to the S&P 500 Index.Leaders like MSFT have transformed into GARP plays. What were the Nifty 50?The “Nifty 50” was a group of 50 of the most followed, large-cap stocks on the NYSE that flourished in the 1920s and early 1970s. The group of stocks included well-known, popular companies such as Walmart (WMT), Polaroid, Xerox (XRX), and Coca-Cola (KO). During the early 1 ...

Key TakeawaysFederal Reserve Governor Lisa Cook warned that AI-driven productivity gains could lead to "creative destruction," potentially raising unemployment to 4.3% or higher without providing the Fed with traditional tools to intervene.Alphabet Inc. (GOOGL) expanded its AI creative suite, launching AI avatars and voiceovers in seven new languages for Google Vids to capture a larger share of the global enterprise market.Diplomatic relations between the U.S. and France showed signs of recovery as Paris mo ...

"Google views Klaviyo as a key marketing player in this new era of agentic commerce,†said Stephen Brough, Global GTM Head, RCS for Business. "This deepened collaboration across our two companies and product lines will help Google bring real-time customer intelligence to every touchpoint a consumer has - from ads to AI.†What's available today The announcement reinforces the Google and Klaviyo integrations that are already live, including: BOSTON & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Klaviyo (NYSE: KVYO ...

Feb 24 (Reuters) - Alphabet's Google doubled down on efforts to secure power supply for its data centers across the country by entering into ‌separate agreements with U.S. utilities, AES Corp and Xcel Energy, on Tuesday. Big ‌Tech firms have been scouring for new, reliable and cleaner energy sources to power their rapidly expanding ​data centers, which have been driven by increasing use of artificial-intelligence applications. To meet the surging demand, utilities have been investing heavily to upgrade ...

Whether due to his outspokenness on a range of topics on the social media platform X or the strong returns from his company, Pershing Square Holdings, much of the market is always curious about what stocks billionaire investor Bill Ackman is buying and selling. It's arguably more intriguing because Pershing Square Capital Management, the investment manager of Pershing, holds only 10 to 12 stocks at any one time. In recent years, like many other investors, Ackman and his team have gotten more interested i ...